Keyarch Acquisition Corp: debt financing — Keyarch Acquisition issues $250K promissory note to sponsor for working capital

Keyarch Acquisition Corp

Promissory note up to $250K issued to sponsor Keyarch Global Sponsor Limited for working capital expenses.
Note is non-interest bearing, due upon earlier of business combination or winding up.
Sponsor waives claim against trust account; note convertible into units at $10 per unit.
This is typical SPAC financing to fund operations until a business combination.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Keyarch Acquisition Corp incurred loan of up to $250,000 with Keyarch Global Sponsor Limited at bears no interest maturing due and payable upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding u.

Instrument: loan
Principal: up to $250,000
Counterparty: Keyarch Global Sponsor Limited
Rate: bears no interest
Maturity: due and payable upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding u
Event: incurrence

Exact text from the filing

On April 18, 2023, Keyarch Acquisition Corporation (the “ Company ”) issued a promissory note (the “ Note ”) in the principal amount of up to $250,000 to Keyarch Global Sponsor Limited, a Cayman Islands limited liability company and the Company’s sponsor (the “ Payee ”). The Note was issued in connection with advances the Payee has made, and may make in the future, to the Company for working capital expenses. The Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company is effective.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Keyarch Acquisition Corp entered into Note with Keyarch Global Sponsor Limited valued at up to $250,000 (effective 2023-04-18).

Action: entry
Agreement: credit facility
Counterparty: Keyarch Global Sponsor Limited
Value: up to $250,000
Effective: 2023-04-18

Exact text from the filing

On April 18, 2023, Keyarch Acquisition Corporation (the “ Company ”) issued a promissory note (the “ Note ”) in the principal amount of up to $250,000 to Keyarch Global Sponsor Limited, a Cayman Islands limited liability company and the Company’s sponsor (the “ Payee ”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-031317

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